Phantom Wallet Integrates Coinbase’s Base Network

Phantom Wallet Expands with Beta Support for Coinbase’s Base Network

Crypto wallet Phantom has launched beta support for Base, Coinbase’s layer-2 network, allowing users to manage assets across multiple chains.

Introducing Base Support

Phantom, initially designed as a Solana-centric cryptocurrency wallet, has announced the rollout of beta support for Base, an Ethereum-based layer-2 network developed by Coinbase. In a recent blog post, the Phantom team revealed that:

• Users can send, receive, and purchase Base-based stablecoins like USD Coin (USDC).
• Users can buy cryptocurrencies such as Ethereum (ETH) using debit and credit cards, Apple Pay, or Coinbase.

It’s important to note that Base support is currently in beta and requires users to opt-in by enabling it in their wallet settings.

Enhanced Features and Security

Beyond asset management, Phantom allows users to engage with:

• Decentralized finance (DeFi) applications
• Non-fungible tokens (NFTs) within the Base ecosystem

Phantom also prioritizes user security with several features:

• Compatibility with Ledger devices
• Automatic spam detection for malicious NFTs and tokens
• Transaction simulation to flag suspicious activities

Phantom’s Growth and Funding

Founded in 2021, Phantom recently completed a $109 million Series B funding round led by Paradigm, bringing its total valuation to $1.2 billion. Other notable investors include:

• Jump Capital
• Andreessen Horowitz
• Solana
• Variant

The wallet supports multiple networks, including Bitcoin, Ethereum, and Solana.

Addressing Security Challenges in Blockchain

As blockchain networks face increasing security challenges, malicious actors continue to exploit vulnerabilities in smart contracts. Coinbase’s Base network has been particularly affected, leading in high-risk detections. According to data from Trugard Labs:

• Base accounted for over 34,000 high-risk detections in its smart contracts during August.
• Digital Signature issues were a significant concern, with nearly 22,000 detections related to tampering in standard libraries like SafeMath.
• Malicious boolean checks on token transfers presented significant risks, with over 6,300 instances identified on Base.

These vulnerabilities could block or manipulate token transfers, highlighting the need for robust security measures in the evolving crypto landscape.